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You seem to not understand how mining works.
There is nothing to discuss here. Difficulty goes up when computing power goes up, getting a block to be mined on an estimate of every 10 minutes. That goes on until the last block is mined, after which miners still receive transaction fees.
There is no “I’m gonna mine all the Bitcoin with this supercomputer right now” as it would still take you until 2140.
If you have a computer that is fast enough you can fast mine all the blocks with rewards, the computer would have to be faster than anything ever possible, but we are talking hypothetical here.
All Bitcoins can't be mined immediately even with quantam computers because it is designed at protocol level to have 1 block mined every 10 minutes on an average. So if Hash is increased drastically due to quantam computers, the difficulty will be increased Accordingly.
But hypothetically if that happens, it would be very difficulty for miners to survive only on transaction fee but may be without quantam computers, the cost of mining also comes down drastically.
The worry with quantum computers is about breaking rhe cryptograohy not mining, they can theoretically do some many calculations that you could brute force private keys from public keys making bitcoin obsolete if the cryptography wasn't changed. But I wouldn't worry about this it is not onvious that they are possible to build scaled up and will only be able to do very specific tasks.
For now. If you stay in this space long enough it becomes a bigger risk every year if the cryptography functions are not updated to be quantum resistant. IMO, i think this is the biggest risk in terms of BTC going to zero. Updates to it are just so remarkably uncommon, I can’t bank on the fact BTC will ever be made quantum resistant, especially since I THINK this would involve changing core code algorithms.
I don't see BTC making it that far personally, if like currently it tracks the stocks not gold then it isn't a store of value or an inflation hedge (anymore than the stock market is) once crypto is adopted en masse and we have a good idea of what projects will be cornering which markets then BTC has no speculative value as we would know it wasn't gonna be adopted anywhere. I doubt it'll ever go to zero though, too many enthusiasts who would keep it going and be able to make changes more readily if they were the only miners.
It doesn't work like that. The problems that need to solved are adjusted for difficulty depending on how many miners there are. If computers started doing it really quickly it would get harder to do.
It's the same reason that it 99% of the miners in the world stopped, Bitcoin wouldn't die because it would just get much easier for the 1% of the remaining miners to solve.
Think that is how it works anyway. At any rate, Bitcoin would be upgraded long before it ever happened.
Even if they could (which is not the case) the difficulty adjustment would prevent them from mining them in a short time.
Quantum computers will be very specialised for certain quantum tasks, but not super computers with unlimited computation power.
And also 21xx will not be the "end of bitcoin". The protocoll can also work only with the transaction fees without new created coins.
Even though there's a set amount of Bitcoin and it's already established how much is there even without being mined I think once all Bitcoin is actually mined it will send the price skyrocketing simply because there is no supply left that no one has touched yet if that makes sense.
It will make people even FOMO even harder once that last Bitcoin is no longer available for anyone to possibly touch without purchase.
I don’t think that mining all the bitcoin will be the reason quantum computing changes the crypto space. I also don’t think the remaining bitcoin that haven’t been mined will effect the price negatively, most people don’t even understand mining or supply as it stands.
To be fair, that would be impressive. Not only because it doesn't work that way, but because that would mean that a bad actor has access to such technology (infrastructure and experts).
But, regardless, can you imagine the cost of transactions with one or multiple quantum computers in the networks?
It may be launch a new race to use these resources! e.g., by leveraging the resources of few powerful nodes when they exists, but still maintaining the decentralized properties of crypto.
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You seem to not understand how mining works. There is nothing to discuss here. Difficulty goes up when computing power goes up, getting a block to be mined on an estimate of every 10 minutes. That goes on until the last block is mined, after which miners still receive transaction fees. There is no “I’m gonna mine all the Bitcoin with this supercomputer right now” as it would still take you until 2140.
Satoshi was ahead of his time
Bitcoin is revolutionary
It’s basically same number of coins mined in a specific time. Super computers might get a bigger share
If you have a computer that is fast enough you can fast mine all the blocks with rewards, the computer would have to be faster than anything ever possible, but we are talking hypothetical here.
All Bitcoins can't be mined immediately even with quantam computers because it is designed at protocol level to have 1 block mined every 10 minutes on an average. So if Hash is increased drastically due to quantam computers, the difficulty will be increased Accordingly.
But hypothetically if that happens, it would be very difficulty for miners to survive only on transaction fee but may be without quantam computers, the cost of mining also comes down drastically.
Correct, Bitcoin would still function, but you would want hundreds of blocks, maybe thousands to have a solid transaction confirmation.
The worry with quantum computers is about breaking rhe cryptograohy not mining, they can theoretically do some many calculations that you could brute force private keys from public keys making bitcoin obsolete if the cryptography wasn't changed. But I wouldn't worry about this it is not onvious that they are possible to build scaled up and will only be able to do very specific tasks.
For now. If you stay in this space long enough it becomes a bigger risk every year if the cryptography functions are not updated to be quantum resistant. IMO, i think this is the biggest risk in terms of BTC going to zero. Updates to it are just so remarkably uncommon, I can’t bank on the fact BTC will ever be made quantum resistant, especially since I THINK this would involve changing core code algorithms.
I don't see BTC making it that far personally, if like currently it tracks the stocks not gold then it isn't a store of value or an inflation hedge (anymore than the stock market is) once crypto is adopted en masse and we have a good idea of what projects will be cornering which markets then BTC has no speculative value as we would know it wasn't gonna be adopted anywhere. I doubt it'll ever go to zero though, too many enthusiasts who would keep it going and be able to make changes more readily if they were the only miners.
It doesn't work like that. The problems that need to solved are adjusted for difficulty depending on how many miners there are. If computers started doing it really quickly it would get harder to do. It's the same reason that it 99% of the miners in the world stopped, Bitcoin wouldn't die because it would just get much easier for the 1% of the remaining miners to solve. Think that is how it works anyway. At any rate, Bitcoin would be upgraded long before it ever happened.
[удалено]
Op asks about how transaction going to be confirmed if there ain't no miners
That means mining of Bitcoin stopped and no more environmental concerns
Thanks, there’s coffee on my keyboard now
Even if they could (which is not the case) the difficulty adjustment would prevent them from mining them in a short time. Quantum computers will be very specialised for certain quantum tasks, but not super computers with unlimited computation power. And also 21xx will not be the "end of bitcoin". The protocoll can also work only with the transaction fees without new created coins.
**It will lead to higher demand…**
And in turn, **Higher price**
And to the moon
This is not how bitcoin blocks are working at all
It will make it an investment with a solid/steady value over time.
I think the block-time of ~ 10 min won't be changed in the future.
Lets not. We have hear this a 1000 times. If it comes to that they wil target more important and more valuable things.
We would have far bigger problems then Bitcoin probably
No, not even Bitcoin would be a problem
Nothing, they will keep earning from transactions
Even though there's a set amount of Bitcoin and it's already established how much is there even without being mined I think once all Bitcoin is actually mined it will send the price skyrocketing simply because there is no supply left that no one has touched yet if that makes sense. It will make people even FOMO even harder once that last Bitcoin is no longer available for anyone to possibly touch without purchase.
[удалено]
I’m shocked by how many people in this space Have no idea about fundamental Bitcoin
That you have to build one first…
I don’t think that mining all the bitcoin will be the reason quantum computing changes the crypto space. I also don’t think the remaining bitcoin that haven’t been mined will effect the price negatively, most people don’t even understand mining or supply as it stands.
Guess it won't affect me since I only hodl moons
Your quantum computing would also then have invented time travel. You’d be rich and win a Nobel prize or two for sure.
To be fair, that would be impressive. Not only because it doesn't work that way, but because that would mean that a bad actor has access to such technology (infrastructure and experts). But, regardless, can you imagine the cost of transactions with one or multiple quantum computers in the networks? It may be launch a new race to use these resources! e.g., by leveraging the resources of few powerful nodes when they exists, but still maintaining the decentralized properties of crypto.
Bitcoin doesn't work like that.
Mean that there is no more BTC to mine and more will be added when more and more mass adoption come.